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Gold and Currency Reserves
Mr. Gill: To ask the Chancellor of the Exchequer what proportion of the United Kingdom's total gold and currency reserves is now held in euros; what is the total holding of euros; what was their cost; and what is their current market value. [101684]
Miss Melanie Johnson: Table 2 of the Quarterly Report on UK Official Holdings of Foreign Currency and Gold for the period July to September 1999, published on 2 December provides a breakdown of the size and composition of the United Kingdom's reserve holdings.
EU Competition Law
Mr. Heathcoat-Amory: To ask the Chancellor of the Exchequer if UK tax provisions are subject to scrutiny under EU competition law. [101606]
Dawn Primarolo: No, provided they do not constitute state aids under Article 87 of the Treaty which has been in existence since 1957.
Advance Corporation Tax (Charities)
Mr. Maude: To ask the Chancellor of the Exchequer what estimate he has made of the additional tax per annum paid by bodies in the charitable sector as a result of the abolition of Advance Corporation Tax credits. [101814]
Dawn Primarolo: Charities have paid no additional tax as a result of the withdrawal of payable tax credits on dividends.
Single Currency
Mr. Maude: To ask the Chancellor of the Exchequer if he plans to encourage private sector firms to intensify their preparations for possible future British membership of the euro. [101811]
Miss Melanie Johnson:
It is up to individual businesses to decide how best to make any changeover if the UK decides to join the single currency. The Government's role is to provide the planning framework. That is why we published the outline national changeover plan in February 1999.
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Mr. Maude:
To ask the Chancellor of the Exchequer what degree of labour market flexibility (a) within the UK and (b) between the UK and other EU countries would be sufficient to deal with the problems posed by asymmetric shocks were Britain to join the single currency. [101819]
Miss Melanie Johnson:
I refer the right hon. Member to "UK Membership of the single currency, an assessment of the five economic tests", published by the Treasury in October 1997, copies of which are available in the Library.
Mr. Maude:
To ask the Chancellor of the Exchequer what economic indicators will be used in determining whether his five economic tests for EMU membership have been satisfied. [101818]
Miss Melanie Johnson:
"UK Membership of the single currency, an assessment of the five economic tests", published by the Treasury in October 1997 used a wide range of economic indicators in determining whether the economic case for joining the single currency was clear and unambiguous.
Dr. Palmer:
To ask the Chancellor of the Exchequer how much tax was paid by community sports clubs in the form of (a) inheritance tax, (b) VAT, (c) capital taxes and (d) income tax in each of the last five years; and if he will make a statement. [101722]
Dawn Primarolo:
There is no liability for inheritance tax or income tax for the types of organisation that run community sports clubs. Statistics on VAT, capital taxes and corporation tax paid by such clubs are not available.
Dr. Palmer:
To ask the Chancellor of the Exchequer if he will give community sports clubs comparable status to charities as regards exemption from taxes. [101723]
Dawn Primarolo:
Some sports organisations already qualify as charities and so enjoy the same tax benefits as other charities. In addition, many non-charitable sports clubs are exempt from direct tax on the income they earn from their members and from VAT on their playing members' subscriptions.
The Charity Commission plans to consult next year on the extent to which sport is a charitable purpose in its own right.
Mr. Gordon Prentice:
To ask the Chancellor of the Exchequer what steps he is taking to encourage the establishment and development of credit unions. [101727]
Miss Melanie Johnson:
Two reports were published on 16 November which include moves to boost credit unions. The report by the Credit Unions Taskforce, under the chairmanship of Fred Goodwin, investigated ways in which banks and building societies could help credit unions, and the report by the Policy Action Team looked at ways to improve individual access to financial services.
There will be a new central services organisation for credit unions to help them to deliver a more consistent and flexible service to members. Improved regulation by the Financial Services Authority will ensure that credit union members enjoy similar protection to savers in banks
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and building societies. A number of deregulatory measures, including increasing the maximum repayment periods for loans, removing the maximum membership limit and allowing credit unions to charge for ancillary services will also be implemented.
Mr. Brady:
To ask the Chancellor of the Exchequer what estimate his Department has made of the net outflow of revenue from (a) the North West and (b) the North East of England under his revised proposals for a climate change levy. [101703]
Mr. Timms:
The climate change levy is designed to be revenue neutral for the private sector as a whole, with all the revenues raised being fully recycled back to business through a cut in employers' National Insurance Contributions (NICs) and additional support for energy efficiency measures. The levy package is also expected to be broadly neutral between manufacturing and services.
It is not possible to say what the exact impact of the levy on specific regions will be. That will depend on a number of factors, including, for example, the future energy consumption of firms in the region, the level of employment in those firms, the number of energy intensive sectors in the region, what use firms in the region make of electricity generated from 'new' renewable sources of energy and in 'good quality' combined heat and power plants, and the extent to which firms in the region take advantage of the proposed introduction of a system of enhanced capital allowances for energy saving investments.
Mr. Cousins:
To ask the Chancellor of the Exchequer if he will estimate how many claimants of Family Credit, (a) with and (b) without child care disregards, there were in the City of Newcastle upon Tyne, what the average estimated value was of each credit payment and child care disregard, in 1997; and how many claimants of Working Family Tax Credit, working families tax credit child care payments, Disabled Persons Tax Credit, and DPTC child care payments there are in Newcastle upon Tyne at present, with the average value of payment in each case. [101845]
Dawn Primarolo:
As at August 1997 there were 4,300 Family Credit cases within the Newcastle upon Tyne Local Authority district, with an average weekly award of Family Credit of £62.84. The number of cases with allowed child care costs is too small to provide a reliable estimate at this level. Reliable estimates for the numbers in receipt of the Working Families' Tax Credit and Disabled Persons' Tax Credit in Newcastle upon Tyne are not yet available.
Mr. Cousins:
To ask the Chancellor of the Exchequer what lower age limit is contained in his proposals on the availability of tax incentives for stakeholder pension plans. [101378]
Miss Melanie Johnson:
The joint DSS/Inland Revenue consultation paper "Stakeholder Pensions: The Tax Regime--The Government's Proposals" issued on 16 September did not contain a lower age limit for the
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availability of stakeholder pensions. We will announce our intentions on all aspects of the stakeholder tax regime when we have considered the responses to the consultation.
Mr. Jim Cunningham:
To ask the Chancellor of the Exchequer what assessment he has made of the effect of the provisions of the Financial Services and Markets Bill on the ability of theatres and other arts organisations to raise finances. [101088]
Miss Melanie Johnson:
A further consultation document on the regulation of Financial Promotion under the Bill was published in October. It included proposals aimed at removing unnecessary impediments to raising finance.
The deadline for responses to this consultation exercise is 28 January 2000. The Government would welcome the views of the theatre and other industries.
Mr. Jim Cunningham:
To ask the Chancellor of the Exchequer what assessment he has made of the impact of IR35 on contractors working within the information technology industry. [101089]
Dawn Primarolo:
Our proposals will ensure that everyone who meets the accepted definition of an employee, whether in the IT industry or elsewhere, will pay tax and National Insurance Contributions on a fair basis.
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